That's a beat for both EPS and revenue, with revenue increasing
14% compared to the same period in 2013. The company's net income
was $899 million.

The company's guidance for the next quarter is non-GAAP EPS of
between $0.67 and $0.69 and net revenue between $4.32 and $4.42
billion.

The stock is down just over 4% after-hours, likely because
the guidance was underwhelming to investors — analysts expected
EPS of $0.70.

eBay also said that it plans to move $6 billion of overseas
profit back to the U.S.

It's been an interesting quarter for eBay, as the company dealt
with a very public back-and-forth with activist investor Carl
Icahn, who accused several board members, including Marc Andreessen, of not having
eBay's best interests in mind, and urging PayPal to spin off as a
separate company.

The fight ended when eBay agreed to Icahn's suggestion to appoint David Dorman to
its board. On eBay's call, CEO John Donahoe said that "despite
the potential distractions of our proxy fight, our teams stayed
focused and delivered strong results."

PayPal's total payment volume grew 27% and it gained 5.8 million
new active registered accounts, ending the quarter at 148
million, up 16%.

Here's a chart of eBay's revenues:

eBay

Here's a chart showing the dollar value of all goods
sold over the eBay Marketplace:

Business Insider Intelligence

Here's the full release:

Global commerce platform and payments leader eBay Inc.
(EBAY) today reported that revenue for the first quarter
ended March 31, 2014, increased 14% to $4.3 billion, compared
to the same period in 2013. Non-GAAP earnings increased 11%, to
$899 million or $0.70 per diluted share, over the prior year,
driven by strong top line growth. A first quarter GAAP loss of
($2.3) billion or ($1.82) per diluted share, was due to a
discrete tax charge of approximately $3.0 billion.

The role the company plays in global commerce continued to
grow, with total company enabled commerce volume (ECV)
increasing 24% in the first quarter to $58 billion. Mobile ECV
advanced 70% to $11 billion representing 19% of volume. Mobile
downloads since inception exceeded 240 million and attracted
6.5 million new customers in the quarter. Cross-border trade
grew 24%, representing $13 billion, or 22%, of total company
ECV.

“We delivered a strong first quarter, with enabled
commerce volume up 24 percent and revenue up 14 percent,” said
eBay Inc. President and CEO John Donahoe. “We
are committed to delivering sustainable shareholder value
and focusing on what matters most to our investors. We are
executing our growth plans, capitalizing on the synergies in
our portfolio and aggressively executing our $5.0 billion share
buyback program. Today, we also announced a non-cash tax charge
to facilitate repatriation of $6.0 billion net in foreign
earnings, increasing our available U.S. cash and enhancing our
financial flexibility."

PayPal net total payment volume (TPV) grew 27% with
Merchant Services volume up 32% and on-eBay volume up 15%.
Revenue grew to $1.8 billion. PayPal gained 5.8 million new
active registered accounts to end the quarter at 148 million,
up 16%. Global on-eBay penetration increased to 78.9%. PayPal
continued to invest in its credit offerings, providing
flexibility for consumers and merchants while improving its
ability to manage transaction expense and reinvest in the
business to accelerate growth.

eBay Marketplaces gross merchandise volume (GMV) grew 12%, with
the U.S. up 11% and International up 13%. Revenue grew to $2.2
billion. Marketplaces gained 4.7 million new buyers to end the
quarter with 145 million active buyers, up 14%. Top rated
sellers in the company’s three largest markets grew their
same-store-sales 19% and offered free shipping on 53% of
transactions across those markets. The selection of items
available on Marketplaces grew to over 650 million listings,
including both platform and non-platform offerings, reflecting
the success of improved selling initiatives, particularly on
mobile.

Operating margin — GAAP operating margin decreased to 20.6%
for the first quarter of 2014, compared to 21.3% for the same
period last year. Non-GAAP operating margin decreased to 26.9%
in the first quarter, compared to 27.4% for the same period
last year.

Taxes — The GAAP effective tax rate for the first quarter
of 2014 was 366%, compared to 16% for the first quarter of
2013. The company recorded a discrete tax charge of
approximately $3.0 billion taken on $9.0 billion of foreign
earnings from the prior years that were previously not subject
to U.S. tax. This increases available U.S. cash by
approximately $6.0 billion (net of the tax charge) providing
greater U.S. financial flexibility. Excluding the effect of
this discrete tax charge, our effective tax rate for the
quarter would have been 18%. The remaining two percentage point
increase in the company’s GAAP effective tax rate compared to
the same period of the prior year was due to an increase in
current year foreign earnings subject to U.S. tax and the
expiration of the federal R&D credit. For the first quarter
of 2014 and 2013, the non-GAAP effective tax rate was 21% and
20%, respectively.

Cash flow — The company generated $1.2 billion of operating
cash flow and $968 million of free cash flow during the first
quarter of 2014.

Stock repurchase programs — The company repurchased 33.1
million shares of its common stock for approximately $1.8
billion in the first quarter of 2014. As of March 31, 2014, the
company’s remaining share repurchase authorization was $3.8
billion.

Cash and cash equivalents and non-equity investments — The
company's cash and cash equivalents and non-equity investments
portfolio totaled $11.9 billion at March 31, 2014, down
from $12.8 billion at December 31, 2013.

As previously announced, the company has settled its proxy
fight with investor Carl Icahn. Icahn has withdrawn both his
proposal to separate the company's PayPal business and his two
nominees to the company's Board of Directors. The company has
agreed to appoint David Dorman as an independent director to
its Board of Directors. This will expand the number of
independent directors on the board to 10.

Business Outlook

Second quarter 2014 — The company expects net revenues in
the range of $4,325 - $4,425 million with GAAP earnings per
diluted share in the range of $0.51 - $0.53 and non-GAAP
earnings per diluted share in the range of $0.67 - $0.69.

Full year 2014 — The
company now expects net revenues in the range of $18,000 -
$18,500 million with GAAP earnings per diluted share in the
range of $0.04 - $0.09 and non-GAAP earnings per diluted share
in the range of $2.95 - $3.00.